S&P alters Crackle view to stable

S&P said it changed the outlook for Crackle Intermediate Corp. (SnapAV) to stable from negative and affirmed the B- ratings on the company and its senior secured term loan and revolver. The recovery rating is unchanged at 3.

SnapAV's organic revenue should increase this year on its smart-home solutions through the pandemic due to the shifts to remote work and school, S&P said.

“SnapAV's second-quarter revenue increased almost 10% from the first quarter due to the strong demand for its smart-home products. We project second-half revenue will be even stronger, with both quarters increasing at least 15% compared to the first quarter,” S&P said in a press release.

By the end of 2020, the agency said it expects to see leverage in the low 8x area.

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